Econ 2010 (Edward)
Lecture Notes and some supplemental readings
These are rough notes, with typos, writeos, spelling errors, and, for sure, errors of judgement and logic.
Even with all those qualifications, I am assuming you prefer that I post these, and I assume you will not abuse me on the basis of their content.
You are responsible for all of the materials in these notes, even if I do not have time to lecture on all of these notes in class.
Introduction and Chapter 1 (third edition) kind of stuff
An introduction to choices, constraints and how economists think
Audio File: an introduction to choices, constraints and how economists think
Note that if you click on an audio file of a lecture, what happens depends on your computer and browser. On my computer, the file opens and the audio starts but it only plays for a minute. To listen to a lecture, right click on the link and save the file to your device. Then listen to it on iTunes, or whatever.
Three minutes on opportunity cost
Audio file: the end of opportunity cost lecture and much of the economic system lecture
Aufio file: finishing econ systems, starting, marginail analysis and equilibrium
Chapter 2 kind of stuff
An introduction to economic models
Audio fie" finishing equilibrium and starting economic models
Britta (a former student) asked me to add a few notes on absolute and comparative advantage
Reading: Catherine Rampell, Outsource your way to sucess, NYT, November 5, 2013
Chapter 3 kind of stuff
An introduction to demand functions, supply functions, and competitive market equilibrium
Reading: Robert Frank, Supply, demand and marriage, NY Times 08/06/2011
Chapter 4 kind of stuff
A start on valuation (market and nonmarket): valuation and consumer's surplus)
A brief introduction to travel-cost modeling: Coeur d'Alene
Chapter 5 kind of stuff
Messing with the market: price controls and quotas
Reading: Two taxi medallions sell for $1 million each: NYT 10/20/2011
Before the first midterm kind of stuff
A few review thoughts before the first midterm
Chapter 6 kind of stuff
OPECs oil revenues and the price elasticity of demand for oil
Chapter 10 kind of stuff
Audio File: Consumer theory in a nutsehell and budget constraints
Budget contraints: boyfriend only shops
Preferences and utility
Chapter 10-Appendix kind of stuff
Indifference sets and indifference curves
Wanda Sue's highest-ranked feasible bundle
Utility functions and indifference curves (note that these notes repeat "indifferent sets and indifference curves", but with the addition of a utility function)
Chapters 11 and 12 kind of stuff
Note that both sets of the Fred lecture notes present the theory of the competitive firm using the exact same math and graphs. In the snerd edible notes, Fred starts a firm to produce and sell edibles.
In the sport's parent notes, Fred is paid by her parents to ski.
I used to just have the sport's parent example. Some students found this helpful/expansive and a different way to present the theory of the competitive firm, different from the book. But some students did not appreciate
different from the book. So, now I have both. Read both sets of notes. I will lecture on ony one of the sets.
The theory of the firm in a nutshell
Fred produces and sells snerd edibles
Fred's misguided sports parent (Edward) -the theory of the competitive firm
Reading: Skilled work, without the worker, John Markoff, NYT, August 18, 2010
Chapter 13 (in the first edition of the book, but not the third edition) kind of stuff
Efficieny, equity and the market's ability to achieve an efficient allocation
This chapter from the first edition is on the course web page.
Some relevant readings from an earlier section.
Some additional readings:
Chapter 16 kind of stuff
External effects, externalities, and pollution
Achieving Environmental goals at minimum cost
The Nakeds next door, Steven Kurutz, NYTimes, Nov 20, 2013: an article about external effects
Chapter 17 kind of stuff
An introduction to common-property resources
An introduction to public commodities
Healthcare economics and Obamacare
You can, of course, find a clean copy of the chapter on the Aplia page.
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Last Update Nov 2, 2017